Commercial Mortgage Funder, Cmhc
2 weeks ago
As part of a growing and dynamic Commercial Team, the Commercial Mortgage Funder is responsible for funding BES and CMHC-insured commercial mortgage transactions such as purchases, refinances, assumptions, assignments, and investor sales. The incumbent will analyze corporate structures and review legal documentation from different provinces ensuring strict adherence to legislative guidelines and Bank policies. The environment is often fast-paced and requires effective time management skills
**The Work **:
- On a daily basis, the incumbent will be responsible for legal and AML review under direct supervision from Funding Management. This includes the review of Commitment Letters and where applicable, CMHC Certificates of Insurance. The incumbent will also be responsible for instructing Lawyers/Notaries (for direct transactions) or Partners (for partner transactions), following up on outstanding documents, and receiving and reviewing legal documents for accuracy and enforceability on loans scheduled to close. A large component of the review will pertain to corporate structure of borrowing entities such as corporations, limited partnerships, family trusts, and AML-exempt entities. The incumbent is responsible for the file to be compliant from an enforcement and AML perspective. If documents fall outside of the Bank’s AML framework, the incumbent is to refer back to the Partner (for partner transactions) or Lawyer (for direct transactions) requesting further information. Where necessary, the incumbent will identify AML issues, recommend and prepare memos to the Compliance Department or SVP, Commercial Lending outlining the rationale to proceed. In addition to legal and AML review, the incumbent will review property insurance, title insurance and tax certificates, making recommendations to Funding Management for any necessary waivers. Ongoing management of personal pipeline to meet prescribed deadlines is required. (60%)
- Communication and collaboration are key components of the position. In order to meet targeted closing dates, the incumbent will be reviewing documents prior to receiving credit approval; as such, it is imperative that the incumbent works closely with Funding Management, and the Credit team advising of any document deficiencies that could alter the nature of the transaction, which will ultimately affect funding and credit approval. In partner transactions, the incumbent will also work closely with partners ensuring that exceptional customer service is maintained at all times. The incumbent is also responsible for managing pipeline on the Daily Funding Agenda by providing loan information and status in a complete and timely manner. (15%)
- Review the loan setup on the Bank’s systems to ensure accuracy. Where applicable, advise the Credit team or Funding Management of any inconsistencies. Update the Bank’s systems as new documentation and/or information is received. Upon approval of the loan by Funding
- Management, the incumbent is responsible for closing the loan in the system and subsequently obtaining the authorized signatures on wires. Once the transaction has closed, the incumbent will ensure that all required entries in the system and all post-funding steps are completed accurately and in a timely manner. Finally, the incumbent will complete the final checklist confirming the file is compliant. (15%)
- The incumbent will be required to assist other funders within their team during peak volumes and/or employee absences. (5%)
- Work with the Bank’s stakeholders, such as Accounting and Quality Assurance, to ensure that wires are approved and released in a timely manner. In addition, where applicable, the incumbent will prepare internal memos to create GIC’s for holdbacks to set up interest reserves and holdbacks for mandatory repairs and advise Accounting of interest rate buy downs (for CMHC loans). (5%
**Let's Talk About You **:
- Have a minimum of 1-year commercial mortgage funding experience
- Post-secondary education (diploma/degree), preferably in Legal or AML Compliance
- Basic Understanding of Anti-Money Laundering/FINTRAC guidelines
- Good working knowledge of MS Office primarily Word, Excel and PowerPoint
- Strong analytical skills and a critical thinker
- Established organizational skills
- Ability to handle multiple competing priorities
- Exceptional time management skills
- Highly developed verbal and written communication skills with the ability to respond in a clear, concise, and professional manner
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